Merchants Bank of Indiana

Overview / Commentary
410 Monon Blvd.
Carmel, IN 46032

Merchants Bank of Indiana is headquartered in Carmel and is the 3rd largest bank in the state of Indiana. It is also the 151st largest bank in the nation. It was established in 1923 and as of June of 2022, it had grown to 495 employees at 6 locations. Merchants Bank of Indiana's money market rates are 9X the national average, and it has an A health rating.

Related Posts

Merchants Bank of Indiana Ups Money Market Rate To Remain Competitive - 12/19/2022

Merchants Bank of Indiana's nationally available Money Market Account rate was increased last week, with the new APY nearing the rate leaders. $50 min opening deposit.

4.08% APY Money Market Checking - 12/15/2022

Money Market Checking now 4.08% APY. $50 minimum, no fees, FREE checks, easy access in/out and the "sweep program" allows up to $1M in FDIC coverage while we patiently wait for CD rates to catch up! When rates were low, they were in the top tier and when rates are high, they STILL are there too! Best part perhaps, they answer the phone AT the branch in the USA!

Merchants Bank Of Indiana's Money Market Savings Edges Up To 4.08% APY - 12/15/2022

Minimum balance to open account is $50 No minimum balance to earn APY Limited to 6 preauthorized transfers or withdrawals per monthly statement cycle Must use an external bank for ACH transfers, deposit or withdrawal

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Easy And Smooth Process

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• No credit check, only ChexSystems for opening a money market account
• $15 incoming wire fee is reimbursed the next business day
• Personal phone call from a CSR to confirm information in online application
• No issue with a joint account initiated online

Peculiarly Different In-Bank V. Online.

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I called the bank about their 3% MMA and got a lot of confused info about opening it online - they seemed to be saying I'd never be able to make outgoing transfers initiated from the bank unless I opened it at a branch. They recommended going into the bank in person "for security reasons". It's a local bank for me so I went in, that process went smoothly enough.

What I'd say is that this bank is not ready for prime time ... I felt like everyone who works there banks there and draws their cash there, and their knowledge seems limited to their own banking experience. No one seems to know much about the online process. The account is referred to as a "checking" account but I wasn't offered any checks or a debit card. I went online and there it tells me I'm eligible for free checks. Maybe I can get a debit card too, who knows.

This will probably work itself out, nothing too alarming, but I'm not planning to use it much. Can't say I'd recommend it to anyone else.

Money Market Now 1.51%

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Merchants Bank Money Market is now 1.51%.

RUDE Employees

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Marie if you are reading this, then this is for you. Please do something about your tone and attitude. We the customers are the reason your employer's business exits, please learn to talk politely.



Health Grade Components

FDIC Certificate #8056
Year Established1923
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.98%
Return on Equity - YTD18.19%
Annual Interest Income$160.6MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$10.82B$9.62B
LoansQ2 2022vs Q2 2021$9.91B$8.64B
DepositsQ2 2022vs Q2 2021$8.12B$7.86B
Equity CapitalQ2 2022vs Q2 2021$1.17B$1.01B
Loan Loss AllowanceQ2 2022vs Q2 2021$36.6MM$28.1MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$4.1MM$2.1MM
Real Estate OwnedQ2 2022vs Q2 2021$0$0
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Merchants Bank of Indiana Money Market Rates

4.08%--Money Market Account

Merchants Bank of Indiana CD Rates

4.86%$1k-12 Month Flex Index CD
4.86%$1k-24 Month Flex Index CD
4.86%$1k-36 Month Flex Index CD
3.72%$1k-36 Month CD
3.67%$1k-30 Month CD
3.61%$1k-24 Month CD
3.56%$1k-18 Month CD
3.46%$1k-12 Month CD
3.41%$1k-1 Month CD
3.41%$1k-3 Month CD
3.41%$1k-6 Month CD

Merchants Bank of Indiana Locations
Indianapolis Bank Branch3737 East 96th StreetIndianapolis, IN 46240
Spartanburg Branch6880 South Arba PikeLynn, IN 47355
Merchants Bank Of Indiana410 Monon BlvdCarmel, IN 46032
Merchants Bank Of Indiana Carmel Office Branch11590 North Meridian StreetCarmel, IN 46032
Lynn Branch201 South Main StreetLynn, IN 47355
Merchants Bank Of Indiana - The Rich701 E Main StRichmond, IN 47374

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